Centricity Secures $20 Million Seed Funding in India

Centricity, a Gurugram-based wealthtech startup in India, has secured $20 million in seed funding led by Lightspeed Venture Partners. This investment comes just 15 months after the company's launch and brings its valuation to $125 million, a sixfold increase from its pre-seed valuation.

• The funding round also saw participation from Paramark VC, Burman Family Office, Shantanu Agarwal, and angel investors including Ritesh Agarwal (OYO), Vishal Dhupar (MD, Nvidia), and the MS Dhoni Family Office.
• Centricity's platform aims to revolutionize wealth management in India by providing seamless transitions for financial advisors.

Centricity's Two Flagship Platforms: Invictus and OneDigital

Centricity operates two flagship platforms, Invictus and OneDigital, designed to address the needs of different segments of the wealth management market in India.

• OneDigital: A comprehensive tool for independent financial product distributors (FPDs), providing access to financial products from over 100 asset management companies. Since its launch in April 2023, OneDigital has built a network of 4,500 FPDs across 12 states and 26 cities, serving nearly 10,000 clients.
• Invictus: Simplifies investment management for single-family offices (SFOs) by offering tools like investment mandates, multi-product selection, net worth reporting, and performance tracking.

Investing in Growth and Expansion in India

The newly raised funds will be used to scale Centricity's platforms by expanding the technology and talent pool. The company plans to double its tech team from 75 to 150, with a focus on generative AI, insurtech, and broking-tech solutions.

• Centricity also aims to broaden its private banking services and explore strategic acquisitions to further its growth in the Indian wealth management market.

Centricity's Vision for Wealth Management in India

Manu Awasthy, Founder and CEO of Centricity, highlighted the company's commitment to providing tech-driven solutions to address the needs of investors and financial advisors in India.

• "Our tech product and business growth are testimony of an impeccable team, immaculately executing a coherent idea," Awasthy stated.
• "End investors in wealth management are tech-starved and crave for simple, sincere solutions. And Centricity is solving this problem through its tech-first mindset and practical tech applications."

Lightspeed's Belief in Centricity's Potential in India

Shuvi Shrivastava, Partner and Advisor at Lightspeed, expressed confidence in Centricity's potential to redefine wealth management in India.

• "Centricity's vision of redefining wealth management with its one-of-a-kind solution is essential for India's rapidly evolving financial landscape," said Shrivastava.
• "The company's commitment to empowering independent financial advisors and former private wealth professionals with a sophisticated yet user-friendly platform sets a new benchmark in the industry."
• "By offering democratised accessibility to all financial products for investors and a commitment to addressing the largely underserved Indian wealth market, the platform holds a lot of promise."
• "We have strong belief in Centricity's innovative approach and its potential to disrupt the wealth management landscape."